Gambling Gang uses crypto for illegal purposes

abhiseshakana

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Quote from: StephenJH on November 28, 2020, 03:52:50 PM

Money laundering happens every minute and big governments should find another excuse to blame the anonymous nature of the crypto industry. The untraceable cryptocurrencies are anonymous payment method in dark gambling markets and the 14 eyes countries hate to make research about illegal crypto transactions. The China government is shady too and has accepted tricky decisions for unfair competition on global markets.

In fact, cryptocurrency is only one tool that can be used among several other options, and gambling is one of the mediums that can be used to launch money laundering activities. It's just that when cryptocurrency is used as a medium to commit criminal acts, then cryptocurrency anonymity will be blamed, especially decentralized crypto which is not issued by any central authority making it difficult for government interference.

I think the government's inability to be able to control the blockchain system is what causes them to blame cryptocurrency and its system.

bitbollo

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I am surprised about just one 1 single gang could gain so much attention by government, mass media and police!
it's something new for criminal business, but it is a real very tiny fraction of the total illegal masses of money traded by illegale buinesses.
this is just an apology before launching some other restrictions to crypto owners and crypto exchange Roll Eyes

?

StephenJH

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Money laundering happens every minute and big governments should find another excuse to blame the anonymous nature of the crypto industry. The untraceable cryptocurrencies are anonymous payment method in dark gambling markets and the 14 eyes countries hate to make research about illegal crypto transactions. The China government is shady too and has accepted tricky decisions for unfair competition on global markets.

wxa7115

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Quote from: TGD on November 15, 2020, 09:25:07 AM

Money laundering via international transferring of money using gambling is the common way of Chinese syndicate. They are financing different gambling casino all over the world and wire transfering via online gambling. In my country, they have a casino that registered and strongly supported by our government. Most of the players are big time Chinese and flying here just to gamble.

The trick about using crypto is the Authority didn't know what is the Operator Wallet address, Yes you can easily transaction but if you can determine there wallet address, Unlike Fiat money, Banks know all your credentials upon opening your bank account and Chinese government have full control about the privacy of all Chinese. They can easily track down huge amount of money that going out there country.

This is interesting to know, so there is at least some truth to this and the Chinese government is not simply just overreacting, when I first read this I thought that this was just another example of the Chinese government trying to exert control over their citizens in any way they can but it seems this is an actual problem over there.

However it does not matter what they do this is a case of bitcoin being bitcoin and if they want to catch those criminals making use of bitcoin in order to escape their surveillance then they will have to do it like every country of the world does it and begin to investigate the people behind all of this.

FontSeli

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Quote from: Twentyonepaylots on November 22, 2020, 06:17:56 PM

Everything is a conspiracy against their country anyway,so wht makes this issue so different? Besides, cryptocurrency is basically intended for these purposes so it is to no surprise that you will see someone laundering their money. It is what they use the money that they won. Or if they've got the money through legal means. And a Gambling Gang? For reals?

Crypto currency developers have never set a goal to create cryptocurrencies for criminals. You don't speak correctly. Crypto currencies were created so that we were free from banks in making payments. So that we can do this anonymously.
If criminals use crypto currencies, it is not the fault of crypto currencies. Cash is also used by criminals, but no one accuses the state authorities that they created a currency for criminals.

iamsheikhadil

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Quote from: Viscore on November 22, 2020, 06:56:00 PM

They'll have this favor and that anonymity helps these people to continue their illegal activities as they are no longer traceable by the authorities. It can be their advantage and I know that they can't be easy to find knowing that they also have protected by some known personality or even from the high-rank officials.

These kinds of activities can no longer stop but instead, to see them growing as they are taking this advantage. But I know that cybercrime groups will find solutions to this in the coming days.

Bitcoin transactions aren't really untraceable because one can monitor all incoming and outgoing transactions on the blockchain itself. Added with the fact that, during exiting the scam, the scammer/criminal would sell their coins for fiat and to do that in huge amount, one has to be KYC verified in most exchanges. That's why I support KYC in crypto exchanges.

ice098

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Quote from: Oshosondy on November 28, 2020, 06:13:25 AM

I do not know why the government should ban gambling if not for only self-centered reasons, I do not see this kind of way as laundering money. Also in the so called China, cryptocurrencies are banned but mined the highest cryptocurrencies in the world. And we should also know that fiats are much more used for illegal activities than crypto. Crypto only give the advantage that you use it as payment and have privacy that the governments want to compromise

Yes that's why I think gambling is not really going to be banned in different countries because it is being used illegally, but we can't erase the fact that due to this reasons more and more people think badly in bitcoin especially those who doesn't know bitcoin or what is the real purpose of it, you have a point that they use fists more often in badly things but sarcastically it is not being banned, they use cryto payment in some things only like website hacking, ddos and payment in btc will be the payment for them to release it back and so on. Everyone is free to use bitcoin and other crypto currency it is depend on them to where would they put that in.

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Quote from: aioc on November 25, 2020, 07:54:29 AM

Quote from: Betwrong on November 25, 2020, 06:21:51 AM

The biggest gang in China is their government, and Liao Jinrong, being a senior official, is a part of it. I hope the new generation of Chinese people will sweep away this corrupted to the bone government, and China will be able to breathe freely.

I don't think it's going to happen, they have control on everything and they communist party is so good in controlling everything that any form of rebellion will not succeed, I like the communist China than the communistic way of ruling of North Korea.

So true. The communist Chinese leaders already controlled everything, whatever they'll wanted to make will automatically happened along the way. Though it's better than how North Korea's way of communism.

Moving back to this topic, if there's some possible threat or something that the government sense that illegal things are happening they'll do actions as quick as they can to manage and stop the possibilities of letting things to grow around.

Chinese leaders are afraid that something that uncontrollable may happenedstopping is only option that they know.

Oshosondy

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Quote from: Twentyonepaylots on November 22, 2020, 06:17:56 PM

Everything is a conspiracy against their country anyway,so wht makes this issue so different? Besides, cryptocurrency is basically intended for these purposes so it is to no surprise that you will see someone laundering their money. It is what they use the money that they won. Or if they've got the money through legal means. And a Gambling Gang? For reals?

I do not know why the government should ban gambling if not for only self-centered reasons, I do not see this kind of way as laundering money. Also in the so called China, cryptocurrencies are banned but mined the highest cryptocurrencies in the world. And we should also know that fiats are much more used for illegal activities than crypto. Crypto only give the advantage that you use it as payment and have privacy that the governments want to compromise

Astvile

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Quote from: xSkylarx on November 22, 2020, 09:05:13 PM

Quote from: Viscore on November 22, 2020, 06:56:00 PM

These kinds of activities can no longer stop but instead, to see them growing as they are taking this advantage. But I know that cybercrime groups will find solutions to this in the coming days.

If many countries will impose strict laws and regulations about crypto it could help lessen these activities. Countries can set a minimum amount of crypto to fiat exchange monthly or annualy. They could ask many papers to backup the source of crypto of their citizen. If the criminals found out there are many processes to convert bitcoin into fiat then they would think twice or find other country where it's not that strict to convert crypto to fiat.

I don't think imposing stricter laws and regulations will totally stop the illegal doings in crpyptocurrency. Strict laws and regulations is already implemented in fiat system and still same issues still happens. No matter how strict your laws are criminals will always have money to open up free way for them. It might lessen or totally stop small groups from doing it but big groups like what op mentioned I think not.

wiss19

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Quote from: aioc on November 25, 2020, 07:54:29 AM

Quote from: Betwrong on November 25, 2020, 06:21:51 AM

The biggest gang in China is their government, and Liao Jinrong, being a senior official, is a part of it. I hope the new generation of Chinese people will sweep away this corrupted to the bone government, and China will be able to breathe freely.

I don't think it's going to happen, they have control on everything and they communist party is so good in controlling everything that any form of rebellion will not succeed, I like the communist China than the communistic way of ruling of North Korea.

Yes and Chinese government is actually more caring than the North Korean ruler and no matter what we way one can see how they controlled the covid-19 spread in their country which actually started from them so no matter how much we hate them but they are good for their people at least.

Now coming back to the use of gambling crypto funds for illegal activities, look you cannot control that because its decentralized and the casinos will not give any details about their players so it is nearly impossible to control such activities. Many gamblers are evading taxes by using crypto and things like these will continue forever as long as cryptocurrencies exists.

aioc

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Quote from: Betwrong on November 25, 2020, 06:21:51 AM

The biggest gang in China is their government, and Liao Jinrong, being a senior official, is a part of it. I hope the new generation of Chinese people will sweep away this corrupted to the bone government, and China will be able to breathe freely.

I don't think it's going to happen, they have control on everything and they communist party is so good in controlling everything that any form of rebellion will not succeed, I like the communist China than the communistic way of ruling of North Korea.

ice098

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Quote from: xSkylarx on November 22, 2020, 09:05:13 PM

If many countries will impose strict laws and regulations about crypto it could help lessen these activities. Countries can set a minimum amount of crypto to fiat exchange monthly or annualy. They could ask many papers to backup the source of crypto of their citizen. If the criminals found out there are many processes to convert bitcoin into fiat then they would think twice or find other country where it's not that strict to convert crypto to fiat.

Yes it will be, but we all know that bitcoin is being used in illegal and in the illegal web since they are using that for anonymous transactions, and later on it introduced in the public and become one of the best mode of payment in different categories and in become a good investment as well, and for now, there are some banks who recognize it as well. But illegal purposes cannot be eliminated not unless government will take care of it, regulates it, but when this thing happens, taxes can be put in every transactions.

MWesterweele

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Quote from: Fundamentals Of on November 22, 2020, 10:02:43 PM

Quote from: xSkylarx on November 22, 2020, 09:05:13 PM

Quote from: Viscore on November 22, 2020, 06:56:00 PM

These kinds of activities can no longer stop but instead, to see them growing as they are taking this advantage. But I know that cybercrime groups will find solutions to this in the coming days.

If many countries will impose strict laws and regulations about crypto it could help lessen these activities. Countries can set a minimum amount of crypto to fiat exchange monthly or annualy. They could ask many papers to backup the source of crypto of their citizen. If the criminals found out there are many processes to convert bitcoin into fiat then they would think twice or find other country where it's not that strict to convert crypto to fiat.

I don't agree. If many countries will impose stricter laws and regulations against cryptocurrency to control its use in illegal transactions, that does not automatically lessen illegal transactions. Criminals would not decide to not continue with their illegal operations just because the laws and regulations against cryptocurrency are getting tighter. They might be discouraged to use cryptocurrency though. But that does not mean criminals and their activities are lessened. They will just try to explore other options. There will always be other options.

That's why it is called illegal doings right, and doing illegal was called criminals meaning to say they are against the law. Its true that even the government imposes a more stricter laws and regulations about cryptocurrency those criminals were definitely continue their wrong doings even it was a pro or against the law. I guess they can't lessen the criminality but they can impose proper used and regulation of cryptocurrency in their society and economic growth.

Betwrong

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Quote from: Twinkledoe on November 21, 2020, 02:56:34 PM

Quote from: Betwrong on November 21, 2020, 05:03:54 AM

Quote from: dothebeats on November 20, 2020, 11:42:39 AM

China just really want the money to circulate around their economy, and would even go so far as to pin down other industries in order to further their goals in the expense of their citizen's activities. They are trying so hard to instill control and it really sucks. No wonder why a lot of Chinese are immigrants on lots of countries in the world wherein they can enjoy their lives free from constant surveillance and threat from the communist country.

The narrative that gangs use crypto gambling for laundering is far-fetched. Most gambling platforms in crypto require KYC in compliance with AML regulations. Also, there needs to be some way to convert their money to bitcoins, and China has been cracking down on OTC brokers for years. The story doesn't add up, really.

I agree. It looks more like the scary stories totalitarian regimes use for terrorizing the uneducated majority of their people. In fact, the most dangerous gang sits in the government, robbing ordinary people with the help of the army and police force.

You hit it on point! Those who are in position are more dangerous and capable of laundering tons of money. Of course, they will make it legal on their citizens' eyes. Maybe, this is just another scapegoat to more pressing matters and to give bad notion about crypto to the people, to mislead them about its true benefits.

Yeah, I mean, Gambling Gang, seriously? The biggest gang in China is their government, and Liao Jinrong, being a senior official, is a part of it. I hope the new generation of Chinese people will sweep away this corrupted to the bone government, and China will be able to breathe freely.

Fundamentals Of

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Quote from: xSkylarx on November 22, 2020, 09:05:13 PM

Quote from: Viscore on November 22, 2020, 06:56:00 PM

These kinds of activities can no longer stop but instead, to see them growing as they are taking this advantage. But I know that cybercrime groups will find solutions to this in the coming days.

If many countries will impose strict laws and regulations about crypto it could help lessen these activities. Countries can set a minimum amount of crypto to fiat exchange monthly or annualy. They could ask many papers to backup the source of crypto of their citizen. If the criminals found out there are many processes to convert bitcoin into fiat then they would think twice or find other country where it's not that strict to convert crypto to fiat.

I don't agree. If many countries will impose stricter laws and regulations against cryptocurrency to control its use in illegal transactions, that does not automatically lessen illegal transactions. Criminals would not decide to not continue with their illegal operations just because the laws and regulations against cryptocurrency are getting tighter. They might be discouraged to use cryptocurrency though. But that does not mean criminals and their activities are lessened. They will just try to explore other options. There will always be other options.

xSkylarx

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Quote from: Viscore on November 22, 2020, 06:56:00 PM

These kinds of activities can no longer stop but instead, to see them growing as they are taking this advantage. But I know that cybercrime groups will find solutions to this in the coming days.

If many countries will impose strict laws and regulations about crypto it could help lessen these activities. Countries can set a minimum amount of crypto to fiat exchange monthly or annualy. They could ask many papers to backup the source of crypto of their citizen. If the criminals found out there are many processes to convert bitcoin into fiat then they would think twice or find other country where it's not that strict to convert crypto to fiat.

dimonstration

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Quote from: Wawa2013 on November 22, 2020, 06:44:22 PM

There are still many criminals who think crypto is safe to use for money laundering, even though in fact it is easier
to track crypto transactions. Unless the gambling gang uses service mixers or privacy coins, it is indeed more difficult
to track. But I believe the gambling gang uses Bitcoin to transfer funds abroad, so finally the Chinese government finds
out about the transaction.

Since it us usually the banks that are easier to track, criminals find more ways to atleast changed their path by using crypto. I think they were doing and using different ways from crypto to bank to other persons and different countries to make the transaction too long to determine or to track. They've plan it well especially it's from illegal doing as well have huge money at risk to lose.

Viscore

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They'll have this favor and that anonymity helps these people to continue their illegal activities as they are no longer traceable by the authorities. It can be their advantage and I know that they can't be easy to find knowing that they also have protected by some known personality or even from the high-rank officials.

These kinds of activities can no longer stop but instead, to see them growing as they are taking this advantage. But I know that cybercrime groups will find solutions to this in the coming days.

Wawa2013

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There are still many criminals who think crypto is safe to use for money laundering, even though in fact it is easier
to track crypto transactions. Unless the gambling gang uses service mixers or privacy coins, it is indeed more difficult
to track. But I believe the gambling gang uses Bitcoin to transfer funds abroad, so finally the Chinese government finds
out about the transaction.

Topic: Gambling Gang uses crypto for illegal purposes (Read 1327 times)